Quick summary
Russia's State Duma passed a digital asset bill classifying cryptocurrencies as property, not currency
Law allows crypto for cross border trade while keeping domestic payment ban and ruble dominance
Non qualified retail investors face a yearly 300000 ruble investment cap per intermediary
Major banks and Moscow Exchange are building crypto infrastructure alongside a wider digital ruble rollout
Russia's State Duma passed the second and third readings of its long-awaited digital asset bill on July 21, 2026, moving the country closer to its first comprehensive legal framework for crypto.
What happened: The legislation, Bill No. 1194918-8, titled "On Digital Currency and Digital Rights," classifies cryptocurrencies like Bitcoin as property under Russian civil code rather than as currency. That gives holders clearer legal standing in areas like bankruptcy proceedings, divorce settlements, and court disputes. The bill now heads to the Federation Council for approval, then to President Putin for signature. Most provisions take effect September 1, 2026, with further compliance deadlines extending into 2027.
What it does: The law keeps Russia's existing ban on using crypto for domestic payments intact, the ruble remains the only legal tender inside the country. The meaningful shift is on the cross-border side: Russian companies and entrepreneurs will be permitted to use cryptocurrencies to settle international trade, giving exporters a workaround for sanctions that have cut off access to systems like SWIFT.
The retail catch: Non-qualified retail investors will be capped at 300,000 rubles (roughly $3,800) per year, per intermediary. That's a meaningful limit, and it cuts against any reading of this as Russia throws open a free-for-all retail crypto market. This is a controlled, licensed corridor first, with cross-border trade as the real priority.
Who's positioning already: Sberbank, Russia's largest bank, has announced plans to launch a crypto wallet and complete a digital asset depository by December 1, 2026. VTB and T-Bank Group are building digital depositories, and the Moscow Exchange is building out crypto trading infrastructure. In parallel, the Bank of Russia governor has confirmed the digital ruble (CBDC) will roll out more widely on September 1, 2026.
Why it matters: This is less about Russia opening a retail crypto free-for-all and more about building a state-supervised corridor for sanctioned trade. The property classification also matters structurally; it settles a legal ambiguity that's dogged Russian crypto holders in disputes for years.
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Sources:
Bitcoin Magazine, July 21, 2026 — reports the Duma passage, citing TASS as the primary wire
ForkLog, July 21, 2026 — confirms property classification and remaining approval steps
Cointribune, July 21, 2026 — legislative history and bill details
Genfinity, July 21, 2026 — bank positioning (Sberbank, VTB, T-Bank, MOEX) and digital ruble timing
FAQ
How does Russia’s new digital asset bill classify cryptocurrencies like Bitcoin?
The bill classifies cryptocurrencies like Bitcoin as property under the Russian civil code, rather than as currency.
Can cryptocurrencies be used for domestic payments in Russia under this law?
No. The existing ban on using crypto for domestic payments remains in place, and the ruble is still the only legal tender inside the country.
What new use of cryptocurrencies does the law allow for Russian companies and entrepreneurs?
Russian companies and entrepreneurs will be permitted to use cryptocurrencies to settle international trade.
What is the annual investment cap for non-qualified retail investors?
Non-qualified retail investors are capped at 300,000 rubles, roughly $3,800, per year, per intermediary.
Disclaimer
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Written by
Andrew Kamsky
Andrew Kamsky is a Bitcoin analyst. He spent a decade in traditional finance across a Big Four firm and a listed fintech bank before going deep on Bitcoin full-time.
